Looking after a loved one diagnosed with ailments that are seen as irreversible is a tough task. But having a financial plan in place to estimate and provide for the treatment expenses can make coping with the illnesses less financially taxing, as you cannot rely on health insurance policies for recurring, lifelong medical expenses.
Those with a regular income stream may be better off with regular premium term plans. But those with uncertain cash flows can opt for single or limited premium term plans.
Health insurance products that offer discounts on renewal premiums based on physical activity levels help policyholders maintain good health and assist insurers in reducing claims. However, not adhering to the prescribed regimen will mean losing out on discounts in the subsequent year.
Update your new employer about your income and tax deduction at the earlier job to enable correct TDS calculation. Use the salary hike to pre-pay your loans and set aside some money for investments.